Online Casino Transfer: News - Rank Receives Heft Refund

06/15/2010		Online Casino Style: News Rank Receives Hefty Refund
Home History Games News Dictionary		Though a number of internet gambling companies have been scrambling, short on cash at some point in the last two years, one very fortunate online gambling group has had the good fortune of being on the receiving end of a healthy Value Added Tax refund this week, courtesy of the HM Revenues and Customs. The amount refunded came to an impressive £42.5 million, a sum that no doubt the land and internet casino firm was happy to add to their ledgers. It certainly wasn’t free money. In fact, the repayment includes £16.1 million of Rank Plc’s own money, as the company had overpaid their Value Added Taxes on main stage bingo games between the years of 2004 to 2009. Following a number of tax law changes backed by the high court, the First Tier tribunal taxes were repaid, bolstered with additional overpayments for VAT levies from 2002 to 2005 on amusement machines such as pub slots. Thought the announcement of the refund was made public to the online casino community this week, Rank was cautious to include the fact that the department of Revenue and Customs has stepped forth to appeal the rulings, and intends to take the matter to the European Court of Justice. A final decision may well be a long while off, as it is not expected to be heard until sometime in 2011. Until then, the millions belong to Rank; if they must return it once again, it may carry a penalty of interest. Rank was among a select group of internet gambling companies that had argued the Value Added Tax’s application to some of their gaming products, such as the Mecca Bingo and Grosvenor Casino. They won, for now, with the return of their £42 million, though a final word has yet to be heard from the Commission.

06/15/2010

Online Casino Style: News
Rank Receives Hefty Refund

Though a number of internet gambling companies have been scrambling, short on cash at some point in the last two years, one very fortunate online gambling group has had the good fortune of being on the receiving end of a healthy Value Added Tax refund this week, courtesy of the HM Revenues and Customs. The amount refunded came to an impressive £42.5 million, a sum that no doubt the land and internet casino firm was happy to add to their ledgers.

It certainly wasn’t free money. In fact, the repayment includes £16.1 million of Rank Plc’s own money, as the company had overpaid their Value Added Taxes on main stage bingo games between the years of 2004 to 2009. Following a number of tax law changes backed by the high court, the First Tier tribunal taxes were repaid, bolstered with additional overpayments for VAT levies from 2002 to 2005 on amusement machines such as pub slots.

Thought the announcement of the refund was made public to the online casino community this week, Rank was cautious to include the fact that the department of Revenue and Customs has stepped forth to appeal the rulings, and intends to take the matter to the European Court of Justice. A final decision may well be a long while off, as it is not expected to be heard until sometime in 2011. Until then, the millions belong to Rank; if they must return it once again, it may carry a penalty of interest.

Rank was among a select group of internet gambling companies that had argued the Value Added Tax’s application to some of their gaming products, such as the Mecca Bingo and Grosvenor Casino. They won, for now, with the return of their £42 million, though a final word has yet to be heard from the Commission.